ICYMI—Hagerty Joins Your World with Neil Cavuto to Discuss Rising Inflation

December 16, 2021

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Partial Transcript

Hagerty on rising inflation: “One party needs to live in reality. And in fact, if you talk about throwing more fuel on the fire that the Democrats have created, we’re going to see this inflation that’s already running at a massive rate, record rates that we haven’t seen in 39 years. They’re talking about putting more fuel on the fire. You mentioned the $5 trillion spending package that’s hitting a brick wall right here in the Senate. That would be inherently inflationary. If you look at the policies that the Biden Administration has put forward, of course, they’re not going to mention the policies that have driven inflation. They’re going to pick on industries like the one you just highlighted.”

Hagerty on the Biden Administration deflecting responsibility: “Deflection seems to be the art of the deal with this Administration. Whether it’s Afghanistan—trying to deflect blame there—or in this case inflation. If you look at the policies of the Biden Administration, that’s been the greatest cause. They killed our energy independence. They’ve driven gas and oil prices through the roof. If you look at that, every good in America has to be transported in some way, Neil. I talked about this back in the spring, they suggested that inflation was transitory. I said, ‘indeed it’s not’ because the policies that the Biden Administration had put in place are inherently inflationary and they’re structurally inflationary.”

Hagerty on what the Federal Reserve should do: “I’ve been suggesting that the Fed needs to curtail the balance sheet expansion for some time. They’ve actually accelerated that. They’ve moved that up another quarter, so that’s going to come to an end in March. I think that’s the first step that needs to be underway. They’re also signaling rate increases. It’s not surprising because the inflation that’s been set off.”